DES MOINES, Iowa – Sept. 24, 2015 - Buyers from China agreed to buy $5.3 billion worth of U.S. soy, totaling more than 484 million bushels of U.S. soybeans, during a signing ceremony today hosted by the U.S. Soybean Export Council (USSEC).
“Anytime an agreement like this is made, it is great for U.S. soybean farmers,” says Laura Foell, U.S. Soybean Export Council chair and a soybean farmer from Iowa. “Our international customers demand a product that is sustainable and high quality, and that’s what U.S. soybean farmers continue to deliver.”
In the most recent marketing year, U.S. soybean farmers exported almost 2 billion bushels of soy to international customers. The value of these exports set a record of more than $30 billion. China alone imports approximately 25 percent of all U.S. soy. The country was the No. 1 buyer of whole U.S. soybeans in the 2013/14 marketing year and the second-biggest buyer of U.S. soybean oil.
“This is a great example of how our farmer-leaders’ work of establishing relationships in China are paying off,” Foell says. “We must continue this work with China and other countries since exports are so important to the U.S. soy industry.”
Similar signing ceremonies in the past resulted in purchases of $2.3 billion worth of U.S. soy in 2014 and $2.8 billion worth of U.S. soy in 2013.
Earlier today, USDA’s Foreign Agricultural Service reported export sales of 313,000 metric tons of soybeans for delivery to unknown destinations for the 2015/2016 marketing year which began Sept.1.
The purchase coincides with Chinese President Xi Jinping’s visit to the U.S. After visiting with corporate leaders in the state of Washington over the last two days, he is scheduled to arrive Thursday afternoon in Washington, D. C. President Obama and first lady Michelle Obama will welcome Xi and his wife at the White House for an official state visit on Friday.
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